Brits 'won't be debt-free until 47'

A new study into debt in Britain has revealed that the majority of people will not clear their credit card debt until they are 47.

The study, carried out by money website Fool.co.uk, showed that debt peaks at the age of 28, with 66 per cent of people owing money on their credit cards at this age.

However, this figure declines to 50 per cent once people hit their mid-thirties, with debt finally cleared in most cases by the age of 47.

David Kuo, head of personal finance at Fool.co.uk, offered some advice for people who may be inclined to flash their plastic without considering the consequences.

"It only takes a minute to whip out your card and get into debt, but getting out of debt can take years. Although paying off credit cards is best done sooner rather than later, it's not always possible. And that's where careful planning will pay off," he commented.

Mr Kuo added that if spending on credit cards is absolutely necessary, consumers should choose cards with zero per cent interest deals or those that offer cashback and other rewards.

A report from Debt Management earlier this week showed that overdraft and personal loan debt in the UK now stands at £177 billion, up from £161 billion last year.